Wolfonaire Chatbox : AMA With Findora(21 December, 2020)
Hello! Wolfonaire Family & Crypto Enthusiasts!
We recently hosted an AMA with Findora, on 21 Dec, 2020 at 5 PM UTC. This Session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Guest Speaker : Mr. Matt Arney| Head of Growth, Findora
(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)
Matt : Thanks Wolf — my name is Matt Arney and I am an active cryptography theory aficionado and outspoken proponent for transforming traditional technology through blockchains. Before joining Findora as their Head of Growth, I co-founded and successfully exited from three international startups in the enterprise language & technology space. My expertise is in corporate development, partnerships and revenue generation. In my free time, I enjoy hiking, mountain biking and playing tennis.
Wolf : Good To Hear, For our members who are not already familiar with the project, can you give us a very high-level overview of what Findora is and what competitive edge it brings to the Crypto Universe?
Matt : Sure. Very simply, Coindesk has recently described us in the media as a decentralized finance (DeFi) public blockchain project.
To go a bit deeper, Findora is a globally trusted financial infrastructure owned and democratically secured by a decentralized network of worldwide organizations and economically incentivized parties. Findora was created to enable the creation of financial services that are transparently operated while preserving user and institutional privacy.
Wolf : Awesome, Did you find any threats till yet like smartcontract failures.When we think about mass adoption,security should be our first priority.
Matt : Findora is all about security. So as we know Ethereum smart contracts are vulnerable and we feel sorry about the recent events. At Findora, our smart contract mechanism is different. We have developed a domain specific language for asset operation called Discret. Discret is the smart contract language people can easily learn and use that has automated bug detection and can support other code while keeping control and enabling privacy. It is safe by design, fights bugs while offering the power of a high-level language. The virtual machine is restrained and recursion will be detected and causes an immediate failure at module load. Our Atomic transaction will roll back if any error occurs. You can see ours powered by Discet is much more secure and efficient and designed for DeFi.
Wolf : Feeling Safu cheers 🍻, Please share brief information about your Public Sale,Eligibility Criteria and scheduled exchange listing date…
Matt : Last week we announced our pre-registration phase for our public token sale and you can find more info at sale.findora.org We plan to open the token sale on Dec 28th and it will only run until Jan 11th. FRA is the native token of the Findora platform and is required for access to its core features and functionalities, including staking, governance, payment for transactions, privacy-enhancing features & access to advanced financial application building tools and other services.
Our token is the ultimate source of the network’s utility, and we have a lot of ways to increase the token value both intrinsically and with regards to the utility. For instance, we have hard-wired deflationary burning mechanics into the TRX fees. We have also designed many use cases where you have to lock and stake large amounts of Findora tokens to access mining, application building, and premium features.
Our strategy is to distribute tokens evenly and fairly across jurisdictions, demographics, and holders’ profiles in the sense of initial distribution. We try our best to distribute to community members, rather than only focusing on institutions.
Our private holders have a long locking period and are encouraged to participate in staking and validation activities.
All the info regarding requirements, supply and allocation can be found on our lawyer approved website here: sale.findora.org (http://sale.findora.org/)
Wolf : Findora Will Be Huge, Getting more excitement for the sale @mattarney. Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Matt : Findora has a clear product vision and execution roadmap taking the project from launch to ubiquitous adoption across the financial services industry. Startups — especially decentralized projects — are fluid by nature. Luckily, Findora has the leadership and supporting staff it needs to execute our long-term vision, and consists of leading experts in finance, cryptography and decentralized projects. We’re excited to soon share our platform with the world.
Privacy and scalability are the core problems we are solving. Back in 2017, when we started Findora, we envisioned that blockchain had the potential to be the new global financial infrastructure. But soon we discovered the then current technology would not support that goal: eg. the existing blockchain was very slow, expensive and had no robust privacy built in.
Lacking scalability and privacy, the great majority of the world’s financial applications would not be able to work. Many applications such as exchanges all require certain performance thresholds. any without privacy we guarantee the majority of the population and institutions will never adopt. So the team figured out a way to leverage state-of-the-art Zero Knowledge cryptography to achieve both scalability and privacy. Speaking of roadmap here is what we’re looking at for 2021 which is just a few days away now.
Wolf : Phenomenal, How do holders of the Findora Token benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?
Matt : I answered a bit of this above — for basic requirements we go through what is called a KYC phase. KYC stands for “Know Your Customer”. KYC is the process of identity verification of the customer. Each potential investor needs to pass the KYC procedure and provide their credentials in order to participate in the public sale. This is a necessary measure to ensure that the public sale projects are doing business with legitimate entities.
So how does KYC work? The procedure is pretty simple: a potential investor needs to send a scan copy of their passport and take a selfie (holding the document in their hands). This helps to avoid a fake identity or those trying to create a duplicate account. Sometimes, the confirmation of residency or other documents may be required.
Wolf : Thanks @mattarney For This Lovely Intro, Let’s Go For Communities Q&A
Now Group Question & Answer Session 1 Began
Q1. DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes $FIN unique?
Matt : DeFi is HOT and has been one of our “key focus areas” and we will solve issues such as a lack of financial inclusion around the world, overcollateralization and a lack of interoperability and scalability. We believe that DeFi is what blockchain is all about, and in the future, people will only care about the DeFi applications themselves, rather than the underlying chain. For now, DeFi is all about ‘DeFi on Ethereum’ and/or ERC20 tokens. Findora participates in the DeFi space in two ways:
1. We have added ZK-Rollups and confidential transaction capabilities for existing DeFi apps on Ethereum, which means that that running DeFi apps on Ethereum can be better, faster, cheaper, and can realize a lot more features that would otherwise be impossible without confidentiality;
2. Findora is based on cross-chain and verifiable computation technology. Therefore any Ethereum-based assets can atomically transfer and transact on Findora. We can provide scalability and cost advantage to apps built directly on us.
We will be releasing a series of new private DeFi applications, including ‘Dark Pool Dex’ (for secret large ticket crypto transactions) and ‘Confidential FX pool’ (for confidential cross-border money transfer), just to name a few. These products will launch alongside our mainnet.
The technology we used to build our privacy-preserving DeFi infrastructure includes Bulletproofs, Darker compiler, Supersonic, Plonk, advanced cryptography signatures, and more.
Furthermore, the Zei cryptographic library that we have built is one of the most advanced and comprehensive cryptographic libraries in the world.
Q2. Raising in this competitive enviroment can be quite difficult, and good allies can for sure make a difference and save some time. Which partnerships are on the roadmap of Findora?
Matt : In July of this year, we announced a partnership with Tencent Cloud that enables us to provide the world’s first confidential ledger products on top of Tencent Cloud. The integration supports encrypted transaction and asset issuance, processing, verification and storage.
Bank of Asia is among the list of partners leveraged by Findora to gain a wider reach within international markets. Our project is designed to fix many of traditional finances pain points, and partners like Bank of Asia will help us achieve that goal.
We also have several announcements forthcoming on partnerships that have already been signed that we’re eager to share
Q3. How Rust Programming Language run and what is its operation principle in Findora’s Smart Asset Framework . As far I know it is multi-paradigm programming language focused on PERFORMANCE and SAFETY , especially SAFE CONCURRENCY. Is it suitable for Findora’s technical solution?
Matt : When you want to implement a high-performance concurrent system with low resource footprint, the choice of programming languages is limited. We value Rust over C++ for high concurrency and memory safety as well as system programming language. However, we don’t need Rust in Smart Asset Framework, which is basically a smart contract or we call asset policy programming language. This is more for the restrained virtual machine.
Q4. I learned that Findora’s tesnet is in progress. How do I join the Findora testnet? Are there any requirements or conditions? And what are the benefits of joining the testnet of the project?
Matt : Our testnet, named Forge, has been live since January and a lot of people tested, tried and built applications on it already. On Forge, you can create, issue and transfer what we call “secret assets,” also known as confidential crypto assets. In the very near future, we will also release a series of audit tools such as: ‘confidential asset tracer,’ ‘proof of solvency,’ ‘proof of accreditation,’ ‘range proof,’ and more.
check it out here: https://findora.org/testnet/
Q5. What features/improvements are you planning to add to your products in the near future?
Matt : First, here’s what we’ve achieved in 2020
Our main achievements so far: 1. invented a very unique DAO, DeFi fund management system that support privacy preserving asset operations voting/onchain governmence. We believe such blockchain based organizations will change the world; 2. be responsible for discovering one of the most efficient trustless Zero Knowledge Proofs systems; 3. has built an entirely new blockchain based on the newest ADS technologies from the ground up purely using Rust + WASM; 4. completed one of the world’s most comprehensive cryptography libraries- ZEI.
To elaborate on our future improvements/roadmap lets have a look at this graphic again
Most significantly we are planning to launch mainnet in early 2021! We will focus on the phase II mainnet (RSA accumulator based storage optimization) and the general DeFi infrastructure. We also plan to deploy ZK Rollup, Accumulator based storage, confidential liquidity bridging and Dark Pool Dex as well as to optimize ZKPs for different use cases, hardware acceleration and MPC for blockchain use cases.Most significantly we are planning to launch mainnet in early 2021! We will focus on the phase II mainnet (RSA accumulator based storage optimization) and the general DeFi infrastructure. We also plan to deploy ZK Rollup, Accumulator based storage, confidential liquidity bridging and Dark Pool Dex as well as to optimize ZKPs for different use cases, hardware acceleration and MPC for blockchain use cases.
Wolf :Thanks For This Detail Explanation @mattarney, Lets Move For Round2
Now Group Question & Answer Session 2 Began
Q6. Did you see the community as the key to your success?
Matt : we view the community as the key to our success. We divide community into several sub segments: general crypto community; developer and researcher’s community and enterprise users as a community. We believe these communities should be equally strong and benefit each other. On the general crypto community side, we have teams around the world to raise awareness of Findora brand and services, deploy all kinds of growth programs including incentivized participation, gamified application experiments, bounty program. We also have a privacy preserving stable coin project that is designed to help solve lack of banking access and cost efficient international remittance issues.
On the developer and researcher’s community side, we have Advanced Findora Research Institute consisting of established researchers, economists and computer scientists. We have specialized funds to sponsor and support research projects for both private and public domain especially cryptography. We are willing to invest and flourish a developer’s community, an ecosystem fund is being set up to invest in Defi and other applications
Finally, enterprise adoption is huge for blockchain. We firmly believe, practically, a large portion of the world’s total transactions will be moved onto the blockchain. And we are already working with partners like Tencent Group to help move small-to-medium sized enterprises onto cloud hosted blockchain based transaction systems. Such systems are configured as Findora public blockchain’s side chains and the more adoptions, the more support to our Findora main chain and token utilities.
Q7. Can you elaborate on the experience of the development team who developed #Findora? Most of investor just focus on the price of token in short term instead of real value of project. Can you (as #Findora Team) tell us the motivation and benefits for investors to long term?
Matt : We’re thrilled to announce that Dr. Whitfield Diffie, Turing award winner and one of the most respected cryptographers in the world joined the Findora Project as a Senior Advisor. Among many things, Dr. Diffie is the Founder of Asymmetric Encryption and inventor of the “Diffie-Hellman key exchange” technique. We’re thrilled to have him on board! Here’s a photo of Dr. Diffie along with Paul Sherer founding director of Findora’s Advanced Research Center.
Here’s a photo of Dr. Diffie along with Paul Sherer founding director of Findora’s Advanced Research Center.
Q8. Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Matt : The Findora name came from an internal brainstorming session & many have suggested it means we are “The Pandora of Finance”
Q9. What makes FINDORA so unique to among other project ?
Matt : Privacy and scalability are the core problems we are solving. Back in 2017, when we started Findora, we envisioned that blockchain had the potential to be the new global financial infrastructure. But soon we discovered the then current technology would not support that goal: eg. the existing blockchain was very slow, expensive and had no robust privacy built in.
Q10. Findora is a Zero knowledge blockchain. So, it means we can do Anonymous transaction on Findora blockchain. Right? If yes how regulation will be handled?
Matt : Findora implements auditability tools, without sacrificing privacy of users. We have a huge toolbox of auditability tools, including proof of solvency, range proof, proof of whitelisted assets; proof of accreditation; identity selective revealing tools, confidential asset tracers. These tools are all designed with one purpose: allow public or certain privileged auditors to understand and verify certain statements on a transaction while still keeping the raw data confidential. Such fine grained audits are very necessary in many cases (and protect the privacy), not just under a regulatory circumstance.
All tokens created and issued on Findora, including our system tokens, will have privacy features. Privacy coin and privacy preserving stable coins
Wolf : Thanks @mattarney For Sharing Such Great Knowledge About Findora. We don’t Wanna Miss The Public Sale For Sure and I Believe We Will Host More AMA With Findora In Future.
Matt : Thank you Wolf and your community for taking an interest in Findora and what we are up to. For more info please see our website at findora.org
Wolf : Findora Will Be Huge.Our Well Wishes Are Always With You.
Now the session ends with lots of thanks to our Guest Speaker…
Here are some important links of Findora⛓⛓